Mary Schapiro, the incoming head of the Securities and Exchange Commision has
dealt convergence efforts a major blow by saying she may shift the goalposts on
the US adoption of IFRS.

‘I will not be bound by the existing roadmap that’s out for public comment,’
cfo.com reported.

Her comments came in the wake of Paul Volcker, the former chairman of the
International Accounting Standards Committee Foundation, saying: ‘I do think we
ought to be working toward international accounting standards and have them
standard around the world under the general aegis of the International
Accounting Standards Board, and there’s been a lot of progress in that
direction.’